Generali Asset Management SPA SGR Buys New Holdings in Cummins Inc. (NYSE:CMI)

Generali Asset Management SPA SGR bought a new stake in Cummins Inc. (NYSE:CMI) in the fourth quarter, Holdings Channel reports. The institutional investor bought 5,817 shares of the company’s stock, valued at approximately $2,028,000.

Other large investors have also modified their holdings of the company. Global Trust Asset Management LLC raised its stake in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department acquired a new position in shares of Cummins in the fourth quarter valued at $26,000. Compass Financial Services Inc acquired a new position in Cummins during the fourth quarter worth $27,000. TCTC Holdings LLC acquired a new position in Cummins during the fourth quarter worth $28,000. Finally, SBI Securities Co. Ltd. acquired a new position in Cummins during the fourth quarter worth $30,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Cummins stock opened at $327.24 on Thursday. The business’s 50-day simple moving average is $357.35 and its 200 day simple moving average is $347.20. The stock has a market cap of $44.99 billion, a price-to-earnings ratio of 11.62, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the business earned $4.14 earnings per share. As a group, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Analysts Set New Price Targets

Several research firms have issued reports on CMI. UBS Group dropped their price objective on Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research note on Tuesday. Robert W. Baird increased their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Citigroup dropped their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, JPMorgan Chase & Co. dropped their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research note on Tuesday. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $389.50.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.